Forex: USD/CHF finds support at 1.0290 back above 1.0300

By IBTimes Staff Reporter | December 31 2009 3:47 AM

FXstreet.com (Barcelona) - The USD/CHF has fallen strongly in the European early session with the Dollar declining around 60 pips from 1.0350 to find support at 1.0290. Currently the pair is trading around 1.0300/10, 0.60% below today's opening price action at 1.0365.

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The ecPulse.com analysis team comments: The pair faced strong resistance at 1.0390 which as seen on the chart formed the neckline for a bullish pattern which targets further upside moves over intraday basis. Stochastic is close to close to providing a positive crossover supporting a possible intraday upside move for today and will be confirmed with the breach of the mentioned neckline initially at 1.0500-1.0520. Those expectations remain valid as far as 1.0275 is intact. The trading range for today is among the key support at 1.0200 and the key resistance at 1.0520.

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